Are You Ready to Transition Your Business to the Next Generation?
10/29/2024 (Updated: 2/25/2026)
In this video, wealth advisor Kathryn Diminich explains some of the most important top level considerations business owners need to discuss to successfully transition their business to the next generation or new ownership.
View Transcript
According to recent surveys:
- Only approx. 40% of family-owned businesses successfully transition into the second generation
- 47% of business owners that would like to retire in next 5 years have no successor
- Only 20% -30% of businesses that go to market actually sell.
My name is Kathryn Diminich and I am a financial planner with SouthState private wealth.
Every founder-led business will inevitably face a change in management and ownership. Whether through a planned transfer to the next generation, a sale to a third party, or through a more sudden event such as disability or death, at some point every business will face this crossroad.
So, how do you exit the business on your terms while maximizing the value to you and your family? Let’s talk about business succession planning.
Business succession planning is more than executing legal documents or preparing tax projections. True succession planning is centered around creating a plan for an orderly transition when you are no longer able or willing to operate the business.
The end-result should be a business and personal continuity plan that not only provides peace of mind for whatever the future may bring, but also creates tangible value in your business, as the operations are now designed to withstand your exit and provide sustainable value to the new owner.
Our video series on business succession planning is meant to spark conversations around your personal situation. These videos will dig deeper and ask thought provoking questions around the readiness of your personal finances, your business operations, and your family.
Providing honest answers to these questions can help you identify realistic goals and objectives for your succession plan. Only then can you start to discuss the proper strategies to facilitate the transfer of your knowledge and ownership.
We hope you accept this invitation to start your own conversations around planning for the eventual transition of your business.
Share
